The COVID-19 pandemic is receding, and as the world emerges from their homes, they will face a new, and possibly an even more difficult challenge, and that is the economy. The economies of many countries are in shreds, more so countries like Sri Lanka, where a large part of the national income is based on tourism and exports. Therefore, we must be alert and take economic precautions to make sure we are safe from financial difficulties.

Tourism is unlikely to bounce back to its former glory anytime soon. PCR/Antigen tests are very uncomfortable, and they are likely to be made compulsory for any traveler in the future. This is enough to change the mind of anyone considering a holiday in Sri Lanka. A single trip may require more than one PCR test. One test when you are departing your home country, and one test when you land at your destination. Travelers are bound to think twice before booking flights solely due to this.

As developed nations begin to spend on vaccines and medical research, their budget for third world economies will shrink. This will reduce the number of tax concessions, and reduction in export volumes for a little while, causing big deficits in our earnings. Exports are the primary source of foreign exchange for our nation, and without the dollars rolling in, everything will go up in price.

Therefore, 2021 is a bad year for luxury purchases. Lock-downs have not completely gone away, and you may be unlucky enough to face one yourself. So, be thrifty with your funds, and retain as much as you can to take care of important expenses. If you have children this is a good time to talk about this with them.  

 The entirety of 2020 was spent with confusion and uncertainty. Some of us felt it more than others. Many of us are trying to forget that awful year and are eager to get back to the "old normal". Doing so is a huge gamble and is best avoided. Instead, let us take a hint from the experts who have dubbed the current situation the "new normal", and embrace it for what it is.

One thing that should change immediately is how we spend our free time. Avoid attending crowded places, such as public parks and recreation spaces. These places are under the watchful eye of the Public Health Units (PHU) and quite possibly the military. Random checks can be carried out, and the resulting inconvenience may not be worth it. This is obviously a secondary concern to contracting COVID-19 yourself. The PHU’s random testing at Galle Face in Colombo should serve as a stark warning.

Continuing the theme of avoiding large gatherings, please refrain from hosting any functions at your home that involves a large number of people, such that the crowd is visible from the outside. Weddings and Walimas are best conducted discreetly, with a minimum number of people attending the function. Contact tracing is real, and should a person that attended the function test positive for COVID-19 the family and the couple may also be inconvenienced.

Finally, there has never been a better time to take a good hard look at your finances. If you are a salaried person, remember the golden rule of having three month’s salary in the bank and one month’s salary in the hand. COVID-19 has a friend, and that friend is called poverty. This last one is probably the trickiest. It is unfortunate that many of our people live from a salary out of pocket. But if there was ever a good time to change, that would be now.

This article only speaks of the precautions above because they are the most likely to be forgotten. Obviously, all other precautions such as washing your hands and so on, must be adhered to. 2020 took us all by surprise, so let’s be a little restrained in 2021 until we see how things unfold.